“They have all parts of their proposition, their marketing and product team, their credit team, their sales team and their leadership, all lined up to a common objective, so they have been very aggressive but they are also executing very well,” Mr Hewitt said.

“They are highly dependent on the broker channel, and are investing very heavily on all sides,” he said, adding that the investment bank is “a very good case study” of a business that has changed its focus.